Dow 30 Stocks List: 15 Stocks Ranked By 2022 Hedge Fund Bullishness Index

08. The Home Depot, Inc. (NYSE:HD)

Number of Hedge Fund Holders as of Q3, 2022: 89

The Home Depot, Inc. (NYSE:HD) is a home improvement retailer that provides tools, construction materials, appliances, and services. On November 14, The Home Depot, Inc. (NYSE:HD) announced market-beating earnings for the fiscal third quarter of 2022. The company reported an EPS of $4.24 and outperformed consensus by $0.13. The company generated a revenue of $38.87 billion, up 5.6% year over year, and beat estimates by $910 million.

Scot Ciccarelli, an analyst at Truist, slashed his price target on The Home Depot, Inc. (NYSE:HD) stock from $400 to $382 on November 16 while maintaining a ‘Buy’ recommendation on the stock. The analyst noted that the business remains resilient despite broader housing concerns.

At the end of Q3 2022, 89 hedge funds were bullish on The Home Depot, Inc. (NYSE:HD) and disclosed stakes worth $5.6 billion in the company. This is compared to 80 positions in the preceding quarter with stakes worth $5.4 billion. The hedge fund sentiment for the stock is positive. As of December 2, 2022, Fisher Asset Management is the largest shareholder in The Home Depot, Inc. (NYSE:HD) in our database and holds a stake worth more than $2 billion.

Matrix Asset Advisors made the following comment about The Home Depot, Inc. (NYSE:HD) in its Q3 2022 investor letter:

“During the quarter, we re-established a position in The Home Depot, Inc. (NYSE:HD) sold earlier this year, after the shares declined sharply on big picture concerns about a softer housing market and lower consumer spending. We believe that HD is a very well-managed company, positioned to continue showing good profits even as the economy decelerates. The products it carries in inventory are in year-round demand from contractors and homeowners wanting to maintain and improve their homes. The company has historically been shareholder friendly, repurchasing shares and increasing the dividend, most recently by 15% earlier this year. On September 30, HD’s current dividend yield was 2.8%.”